Bitcoin Surges Past $85,000 on Easing US Inflation Concerns
The US Core PCE index for August came in below market expectations, easing inflation concerns and boosting sentiment around Bitcoin. The Bureau of Economic Analysis reported that the U.S. PCE price index rose 3.4% in August from a year earlier, which was 0.3 percentage point lower than the forecasted 3.7%. On a monthly basis, the index rose 0.3%, also below the market estimate of 0.4%. The core PCE index, which excludes food and energy, rose 3.0% from a year earlier, undershooting the economists' forecast of 3.3% by 0.3 percentage point.
Bitcoin responded positively to the news, with its price rising after the release of the US PCE data. According to CoinMarketCap, Bitcoin was trading at $85,413.17 as of 9:53 p.m. Korea Standard Time, up 1.29% from a day earlier.